22,000 Spotify Technology $SPOT Shares Sold by Privium Fund Management B.V.

Privium Fund Management B.V. cut its holdings in Spotify Technology (NYSE:SPOT) by 40.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,000 shares of the company’s stock after selling 22,000 shares during the period. Spotify Technology comprises about 3.1% of Privium Fund Management B.V.’s holdings, making the stock its 9th largest position. Privium Fund Management B.V.’s holdings in Spotify Technology were worth $16,084,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SPOT. Pin Oak Investment Advisors Inc. purchased a new position in Spotify Technology during the 2nd quarter valued at about $27,000. Whipplewood Advisors LLC lifted its holdings in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares in the last quarter. Palladiem LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $34,000. Tsfg LLC grew its position in shares of Spotify Technology by 39.7% in the second quarter. Tsfg LLC now owns 81 shares of the company’s stock valued at $37,000 after purchasing an additional 23 shares during the last quarter. Finally, Elevation Wealth Partners LLC grew its position in shares of Spotify Technology by 142.9% in the third quarter. Elevation Wealth Partners LLC now owns 85 shares of the company’s stock valued at $41,000 after purchasing an additional 50 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 1.9%

Shares of Spotify Technology stock traded down $11.70 during mid-day trading on Friday, hitting $602.71. 1,842,409 shares of the stock were exchanged, compared to its average volume of 1,851,221. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $668.49. The stock has a market capitalization of $124.09 billion, a price-to-earnings ratio of 39.96, a price-to-earnings-growth ratio of 1.84 and a beta of 1.49. The company has a 50-day simple moving average of $537.42 and a 200 day simple moving average of $500.48.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.64 billion. Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the firm earned $3.28 earnings per share. Equities research analysts forecast that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Spotify Technology from $570.00 to $660.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Citizens Jmp reaffirmed a “market outperform” rating and issued a $625.00 target price on shares of Spotify Technology in a research note on Friday, October 23rd. Zacks Research cut Spotify Technology from a “hold” rating to a “strong sell” rating in a report on Thursday, October 22nd. Rosenblatt Securities reissued a “neutral” rating and set a $527.00 price target on shares of Spotify Technology in a research report on Tuesday, October 20th. Finally, Morgan Stanley raised their price target on Spotify Technology from $640.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $620.07.

Insider Transactions at Spotify Technology

In related news, CEO Gustav Söderström sold 20,910 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the sale, the chief executive officer owned 19,908 shares in the company, valued at approximately $10,553,828.04. This trade represents a 51.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.40% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content.

Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.